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Thursday, Mar 30, 2023

Middle East businesses to come and inspect Hong Kong soon, says commerce chief

Middle East businesses to come and inspect Hong Kong soon, says commerce chief

Businesses from the Middle East, including Saudi Arabia’s oil giant Aramco will be coming to inspect Hong Kong as soon as possible, said Secretary for Commerce and Economic Development Algernon Yau Ying-wah.
Yau told a Saturday radio program that businesses there, who are also very interested in investing in Hong Kong and the Greater Bay Area, will arrange in-person meetings in the city as soon as possible.

As for luring Aramco to list in Hong Kong, Yau said both sides have been discussing the matter for a while, and relevant departments will remain in close contact with the oil company.

He continued that the key enterprises Hong Kong wish to import include companies in the fields of high-end technology and artificial intelligence which can benefit the city’s developments in the long run.

Yet, Yau refused to name these companies at this point, saying the list remains a commercial secret.

Although the discussions take time, they are progressing really well, he noted.

He added that Dubai has earlier said they have plans to set up a commerce chamber in Hong Kong.

He pointed out that the city will also focus on the markets in Indonesia, Malaysia, and Singapore in the future as he revealed plans to deepen ties with the Association of Southeast Asian Nations, the SAR’s second-largest trade partner.

Yau gave the example of Vietnam, which saw an eight percent increase in its GDP even during the Covid-19 pandemic, and further stressed the potential of the Middle East and Africa.
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